Thames Company's inventory records for its retail division show the following at May 31: E: (Click the icon to view the accounting records.) At May 31, 11 of these units are on hand. Read the requirements. Requirement 1. Journalize for Thames total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Data Table Journal Entry Date Accounts Debit Credit May 1 Beginning inventory May 15 Purchase May 26 Purchase 10 units @ $160 = $1,600 5 units @ $161 = $805 14 units @ $170 = $2,380 Print Done Done - X Requirements Journalize the following for Thames Company under the perpetual system: 1. Total May purchases in one summary entry. All purchases were on credit. 2. Total May sales and cost of goods sold in two summary entries. The selling price was $600 per unit, and all sales were on credit. Assume that Thames uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Thames earn on for the month ending May 31? What is the FIFO cost of Thames Company's ending inventory? Print Done